In Hayek's The Use of Knowledge in Society, he asserts that the fundamental problem of society is:  a. efficient resource allocation b. cost minimization c. income equality d. profit maximization

Q: B).What is Buffy's opportunity cost of running the store for a year? C).Buffy thinks she can sell…

A: Accounting cost just takes into account the cost that is paid to the external factors for renting…

Q: Discuss the concept of path dependence as it relates to the selection and implementation of…

A: Path dependence is the reliance of various economic outcomes on prior outcomes rather than solely on…

Q: What are three important themes in microeconomics

A: Microeconomics studies the behavior of Consumers, firms and workers as well as how the markets are…

Q: 1. According to Adam Smith, how does allowing people to freely pursue their self-interest benefit…

A: Self-interest: It refers to a situation under which the people will think more about their own…

Q: An apartment complex included a fixed price of water in the monthly rent. One day, the city decided…

A: At its most fundamental level, economics attempts to explain how and why we make the purchasing…

Q: scarcity and competition

A: Scarcity and competition both are the terms which a producer face while producing commodities.…

Q: If college-age athletes drop out of college to play professional sports, principle # is the…

A: The cost of the another best alternative that is foregone is referred to as opportunity cost. It is…

Q: Which of the following is the best example of the economic concept of scarcity? a) The Talking Teddy…

A: Scarcity arises because the resources are finite and human wants are unlimited. So there arises a…

Q: What is the term for the economic principle. that individuals try to get the greatest benefit from a…

A: The issue includes recognizing the term that portrays the monetary rule where people mean to augment…

Q: Can you please show an example that will illustrate understanding of economic concepts through…

A: The phrase "economic principle" refers to a wide variety of economic theories and principles that…

Q: Review the six core principles of economics, from topic 2 this week. People choose All…

A: 6 core principles 1.People choose Because there is scarcity,therefore people have to choose between…

Q: Match the letter of each point on the PPF above to the description that best identifies it.

A: Given the PPF of person D , which represents the utilization of flashcard and resources  writer…

Q: Use the information in the table to answer the below question.                       Production…

A: Optimal hours is found when MB >= MC,  where MB = Change in total benefit / Change in hours MC =…

Q: ill and Melinda work for a firm that creates web pages and apps.  The number of web page designs and…

A: Melinda’s opportunity cost of designing one web page = What is sacrificed / What is gained

Q: In a production possibilities curve, is a change from inefficiency to economic efficiency obtained…

A: The wants and desires of the individuals in the economy are unlimited but resources possessed by an…

Q: Ivan stops studying before the point at which his marginal benefits of studying equal his marginal…

A: Marginal cost refers to the additional cost that incurs due to increase the output one more units.…

Q: What does the Pareto efficiency criterion state? A. An allocation of resources is efficient if it…

A: The Pareto Efficiency Criterion is a concept in welfare economics that assesses the efficiency of…